Nano Labs, a Chinese language block reward mining chip designer, is trying to go public in the US. The agency has filed for an preliminary public providing (IPO) on Nasdaq with the Securities and Alternate Fee (SEC).
In accordance with a South China Morning Submit (SCMP) report, Nano Labs can be trying to elevate a complete of $50 million from the sale of American depositary shares and pivot the performance of its chips to serving metaverse platforms.
Within the submitting, co-founder Kong Jianping said that the metaverse would open up the following period for humankind. This is the reason Nano Labs is making strikes to assist the world discover it.
“It’s my intention that Nano Labs will probably be dedicated to creating the ability of the Metaverse and strolling among the many key gamers to assist the world discover and cognize the Metaverse. I’m earnestly assured that the Metaverse will open a brand new period for humankind,” Jianping mentioned.
Nano Labs was based by Jianping and Solar Qifeng, former executives of block reward mining {hardware} makers Canaan. The corporate at present produces excessive throughput computing (HTC) chips which can be utilized in mining proof-of-work consensus digital currencies, together with BTC and Ethereum, amongst others.
With its new said mission, the corporate now intends to supply “ubiquitous computing energy to the Metaverse computing community with our fabless logic-memory built-in circuits.” The pivot, partially, has been influenced by China’s crackdown on block reward mining.
Block reward miners nonetheless displaying resilience in China
Earlier than the nation’s blanket crackdown on digital belongings, the Chinese language market was Nano Labs’ greatest buyer. The corporate has beforehand arrange operations in Singapore, however nonetheless reported internet losses of 174.9 million yuan (US$26 million) in 2021. Its bid to record within the U.S. might also face drawbacks from regulatory approval in each China and the US.
In the meantime, underground block reward mining actions proceed to persist regardless of the clampdown in China. Not too long ago printed information from the Cambridge Middle for Different Finance (CCAC) exhibits that block reward mining has made a powerful comeback in China after falling to close zero final 12 months.
Per the info, China is now the second-largest contributor to the hash charge of the BTC community trailing the U.S. China contributes 21.11% of the worldwide BTC mining hash charge largely from covert mining actions, because the research finds.
